- NextSource (NEXT) has initiated commissioning of its Molo Graphite Mine in Madagascar
- The company is also installing the solar and battery facility for the hybrid power plant
- The hybrid power plant consists of a thermal generation facility, which is already in operation, and a solar and battery facility, consisting of a 2.6MW solar PV facility and a 1MWh battery energy storage system
- NextSource Materials Inc. (NEXT) opened trading at C$2.27
NextSource (NEXT) has initiated commissioning of its Molo Graphite Mine in Madagascar.
The company is also installing the solar and battery facility for the hybrid power plant.
The hybrid power plant consists of a thermal generation facility, which is already in operation, and a solar and battery facility, consisting of a 2.6MW solar PV facility and a 1MWh battery energy storage system. The thermal facility currently supplies all of the plant’s power requirement, and once completed, the solar and battery facility will provide up to 33 per cent of the mine’s total electricity needs using renewable energy.
The company’s President and CEO, Craig Scherba, called the commissioning of the Molo Graphite Mine a testament to the hard work and perseverance of the team and contractors who have brought this project from design through to implementation in the midst of a global pandemic and shifting geopolitical landscape.
“That hard work has placed the Company in an enviable position as it transitions into a global graphite producer at a time when graphite consumption is increasing dramatically due to the explosive growth in demand for lithium-ion batteries.”
He added that NextSource is taking advantage of this market opportunity by creating a substantive niche for itself within the global lithium-ion battery supply chain through the commissioning of this graphite mine and planned construction of its first battery anode facility.
Front-end engineering and design and environmental and social impact assessment permitting is now in progress, and the company is speaking with offtake partners and debt and equity financiers who have expressed an interest in funding the facility’s construction. The company is targeting production from the facility in Q2 2024.
NextSource Materials Inc. is a Canadian strategic material development company. NextSource is driven to become a fully integrated global supplier of critical battery and technology materials needed to power the sustainable energy revolution.
The company’s Molo graphite project in Madagascar is one of the largest known and highest-quality graphite deposits globally and the only one with SuperFlake graphite.
NextSource Materials Inc. (NEXT) opened trading at C$2.27.